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We’re back and before any of you get excited at this weeks title this is an investing site and it’s a quote from Uncle Warren.

Last week we had our inaugural fall conference for readers of the report and it was a busy but great 5-days with everyone and I am looking forward to implementing some of the ideas we all discussed. We talked a lot about portfolio management and building out investment ideas into a portfolio which is a rarity for most retail investors (even financial advisors) to do but it’s helpful because you can then grasp what it is you’re actually buying and why.

And that’s how we sift through the noise to find ideas we can pack into a long/short portfolio which I hoped was cemented for those that attended last week.

For those not there we’ll be doing another one come Spring 2026 but until then there’s the webinar/podcast where you can learn more about our portfolio management and analysis views. That being said, let’s get into this weeks News v. Noise and cover some market moving headlines and data.

I talked about this at the start of October and when you understand how this stuff works it just repeats over and over which is something I tried to pound into the heads of those that were at the conference last week.

When you look at it from a 30,000 foot perspective and try to figure out what happens if things get bad then it’s easier to see but the reality is most never see the forest through the trees. They get caught up in their own stock and think it cannot be affected and/or just don’t burden themselves with the facts until it’s too late.

Lessons From This:

The unfortunate (or fortunate) part of this is that it drags down other names that are great business and that’s just something we have to deal with as investors and of course there are ways to do that.

One, is to trade short a list of names that have been over bought (shitcos, growth) or just go direct to the Index ETFs and pick up some P&L there. This is usually the route I take when things get volatile v. trying to find some fraud stock and making it harder on myself. Second, on the core names that come in off the highs I start to wait for bases to be built then slowly add into them but the difference here is that these are really long-term holds into quality companies, not trades so my need for instant gratification is non-existent. Finally, trading some momentum garbage long when we get to key levels on the mornings/days where we get sharp rallies is a good way to pick up alpha as well.

The rest? Avoid it it like the plague until it shakes out.

This was posted and sent over and this is usually not something I care too much about (or track) but a glance every once in a while is worth noting and given where the SP500 is lingering on the charts it’s definitely something to watch closer into OPEX and end of the trading month.

I think there is opportunity here but also concern given margin debt levels we’re seeing and that can drag many of these lowers. On the flip, there might be some names in there (not Mag 7) that are worth the look.

US stock valuations have never been higher but given the cycle we’re in this is not something I am concerned with.

Cocoa prices have finally come off the highs after an extraordinary rally and earlier this year I looked into $HSY ( ▲ 1.69% ) and $MDLZ ( ▼ 0.29% ) as potential investments to understand the correlation and we traded in and out of them a few times.

How to play it?

While everyone is doing the doom and gloom dance aka The Roubini we’re quietly picking up shares in certain names, Boeing being one of them. I told many at our conference last week that I wanted to wait until January to put some money back to work here but at these levels we had to start picking up some exposure.

The stock was down on earnings and some headlines like this were part of that reason.

For those that have followed our work you know that I have been talking about this name since the $140s, when nobody wanted it because they were more concerned with what headlines were saying than they were with actually reading the balance sheet and earnings reports. Now, I know this comes as a shock to many of you because your gurus like to inundate you with their indicators magic moon signals and other bullshit but actually understanding what a company does and knowing about their financial health seems important, at least to me.

And as Buffet said, “We don’t have to be smarter than the rest, we just have to be more disciplined than the rest” and that is something we can all do, at a minimum, to just read the basic earnings report and get a picture of what it is we’re buying.

At a minimum.

For subscribers I wrote this piece below talking about this expectation of a pullback and updated the thesis, which is worth the read.

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